Watchmaker Tag Heuer says it will soon allow its American customers to purchase timepieces and watches with digital currencies like bitcoin, Ethereum, and Dogecoin. The company is presently based in Switzerland and is considered a luxury watch manufacturer.
Tag Heuer Is Accepting Crypto Payments
The move is pushing the goals of bitcoin and its digital counterparts closer to being achieved. What many people likely forget is that while bitcoin and many of its crypto cousins have taken on either speculative or even hedge-like statuses in recent years, many of them were initially designed to serve as payment tools. They were built to push checks, credit cards, and fiat currencies to the side, but this has been a relatively slow journey given the volatility that continues to drag them down.
It is extremely hard to understand when bitcoin and its crypto family will go up or down when it comes to their prices. Many stores and companies have been reluctant to say “yes” when it comes to accepting crypto payments for this reason, and to a degree, we can’t blame them.
Consider the following scenario: someone walks into a store and buys $50 worth of merchandise with bitcoin. For one reason or another, the store doesn’t trade the BTC into fiat right away and about 24 hours go by. From there, the price of BTC goes down and that $50 becomes $40. The customer gets to keep everything he or she bought, but the store has lost money in the end. Is this a fair situation? Not everyone thinks so.
That’s what makes enterprises like Tag Heuer so important. They realize the initial purposes of bitcoin and digital currencies and are trying to transform them into usable tools that everyday people can benefit from.
To help process crypto payments, the watchmaker has partnered with Bit Pay, one of the world’s most renowned digital currency payment processors in the world. The platform can connect to most of the crypto wallets and exchanges in use today.
Frederic Arnault – the chief executive officer of Tag Heuer – explained in a statement:
We knew Tag Heuer would adopt what promises to be a globally integrated technology in the near future, despite the fluctuations, one that will deeply transform our industry and beyond.
Other Companies Have Done This
There have been a huge number of companies and businesses in recent weeks that have opened their minds and hearts to bitcoin and crypto payments. Among them is private university Bentley, which stated that students would be permitted to pay their tuition fees with bitcoin and related altcoins.
In addition, those seeking to get their heart rates up via treadmills or quick sessions of pumping iron in New York were also privy to bitcoin and crypto payments through Equinox Health Club, a luxury gym in the Big Apple.